Tutorial Exercise Suppose you bought a sofa for a total purchase price of $1,654.97. State taxes were 7%. What was the amount of the sales tax?
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- Mike purchases a bicycle costing $176.70. State taxes are 5% and local sales taxes are 2%. The store charges $30 for assembly. What is the total purchase price (in $)? (Round your answer to the nearest cent.)Randy buys a lawn tractor costing $935.90. The store charges $35 for assembly and $30 for delivery. State taxesare 4% and local sales taxes are 2%. What is the total purchase price? (Round your answer to the nearest centif necessary) Group of answer choices $1,060.95 $1,057.05 $1,040.94 $1,000.90Mike purchases a bicycle costing $156.90 State taxes are 5% and local sales taxes are 3%. The store charges $20 for assembly. What is the total purchase in dollars round your answer to the nearest cent? 
- Sales Tax Cobb Baseball Bats sold 45 bats for $50 each, plus an additional state sales tax of 6%. The customer paid cash. Required: Prepare the journal entry to record the sale.Mike purchases a bicycle costing $176.90. State taxes are 5% and local sales taxes are 3% the store charges $20 for assembly. What is the total purchase price in moneyEva purchases a bicycle costing $170.95. State taxes are 5.6% and local sales taxes are 2.2%. The store charges $40 for assembly. What is the total purchase price? (Round your answer to the nearest cent.) A. $220.52 B. $224.28 C.$227.40 D.$235.24
- The total (after-tax) cost of a laptop computer is $1612.22. The local sales tax rate is 7.7%. What is the retail (pre-tax) price?Milliken uses a digitally controlled “dyer” for placing intricate and integrated patterns on manufactured carpet squares for home and commercial use. It is purchased for $400,000. It is expected to last 8 years and have a salvage value of $30,000. Increased net income due to this dyer is $95,000 per year. Milliken’s tax rate is 25% and the after-tax MARR is 12%. Develop tables using a spreadsheet to determine the ATCF for each year and the after-tax PW, AW, IRR, and ERR after 8 years. a. Use straight-line depreciation (no half-year convention). b. Use MACRS-GDS and state the appropriate property class. c. Use double declining balance depreciation (no half-year convention, no switching).Kevin is the financial manager of Levington BMW. The shop allows employees to purchase up to two vehicles per year at a discount. Levington's average gross profit percentage is 15%. This year Kevin purchased a 530 model and a M3. model FMV Dealer Cost Employee Price 530. $64,000 $51,000 $54,500 M3 $71,700 $61,000 $58,000 What amount must Kevin include in income?
- Assuming that a Nissan Car Manufacturing Company sold 100 cars to the wholesale trader for OMR 7,500 each plus VAT. The wholesale trader sold all the 100 cars to the retailer showroom for OMR 8,000 each plus VAT. The retailer showroom realized OMR 850,000 after selling all the 100 cars to the local customers plus VAT. Assume the rate of Value Added Tax (VAT) throughout in Oman is 5%. There Input tax credit available in Nissan Car Manufacturing Company account was OMR 42,500. ANSWER QUESTION NO 15 TO 18 Question 15 What will be the total tax burden by the consumers? a. OMR 85,000 b. OMR 42,500 c. OMR 40,000 d. OMR 47,500 Question 16 Which of the following statement will be correct for Nissan Car Manufacturer? a. Tax to be refunded from Government is OMR 5000 b. Tax to be payable to Government is OMR 37,500 c. Tax to be refunded from Government is OMR 42,500 d. Tax to be payable to Government is OMR 5000 Question 17 What will be the…Find the amount of sales tax on a car that costs 12,800 where the sales tax rate is 6.5%A dealer bought personal computers for $1850 less 32%, and 17%. They were sold for $1575. What was the markup as a percent of the cost?
